Upbeat Jobs Report Lifts Markets To Sharply Higher Open
The nation's employers added far more jobs than expected in July to boost the markets to a sharply higher open with the Dow leaping 217 points to 13,096. Nasdaq jumped 59 points to 2969. On the upside
The Wall Street Journal reported that Knight Capital (NYSE: KCG) obtained a line of credit. LinkedIn (NYSE: LNKD) reported lower second quarter earnings but revenue surged to surpass analyst expectations prompting the professional networking site to lift its full year outlook. EOG Resources (NYSE: EOG) reported higher second quarter earnings that beat expectations and lifted its full year production growth. On the downside Molycorp (NYSE: MCP) fell to an unexpected loss for the second quarter as expenses rose. Zipcar (Nasdaq: ZIP) narrowed second quarter losses but the car sharing network forecast third quarter revenue that fell short of expectations. Health Net (NYSE: HNT) reported higher second quarter earnings but the managed health care services provider lowered its full year forecast. In the broad market, advancing issues outpaced decliners by a margin of nearly 8 to 1 on the NYSE and by nearly 5 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks soared 17 points to 786.